$5200/mÂ² units make development highly competitive
Hudson NZ Ltd has 18 apartments still to sell out of 111 in the Hyatt Residences development, to be built between the Hyatt Regency Hotel on Waterloo Quadrant and the Princes Court building on the Princes St/Eden Crescent corner, but has started work in earnest.
The company has hired Walter Construction for the project, Walter’s second in Auckland. The first was the tunnel into Britomart — where it was to have been the main contractor under the previous development arrangement canned by the Auckland City Council in November 1999. Walter is also on the shortlist for the Quay Park arena and Queen St station projects.
Walter comes to New Zealand through Australia, where the German construction group Walter Bau AG took over Concrete Construction.
The Residences (right) will become an integral part of the 273-room Hyatt Regency hotel (left), which the Savoy group and Hudson Investments Ltd of Australia bought for $40 million in a joint venture in 1999. Savoy subsequently sold its interest to Hudson.
Demolition of the Hyatt ballroom floor began on Friday to make way for the new building, which will have three levels built below ground and 17 above.
Hudson NZ chief executive John Dalzell said Walter won the contract through the speed it was able to pick up by building both upwards and below the ground-floor slab simultaneously (top down construction).
They need to be quick — completion of the first 50 suites is scheduled for October 2002, to enable an America’s Cup syndicate to move in. The rest are scheduled for completion a month later.
The next piece of demolition will be the display suite balcony on the first floor of the Princes Court building, a saw-tooth design which has been changed to a rounded style which gives more deck space.
Prices for remaining units range from about $347,000 for an 81mÂ² one-beddie to $614,000 for a fully furnished two-beddie. The two-bedroom units range from 118-147mÂ².
Marketing project manager Jillian Clarke said about 15% of the units had been bought locally, with another 5% taken up by expatriates.
One reason for their popularity was the price/mÂ², which was highly competitive at a top rate of $5200/mÂ² fully furnished. Metropolis, by comparison, ranged from $7800-8800/mÂ², and Viaduct properties such as the Quays, Sebel and The Point were about $5800-6000/mÂ².
The classified Eden Hall building at the foot of the 11,000mÂ² hotel & development site will also be refurbished after use by Walter Construction as a project base.